Stephens Issues Pessimistic Forecast for Southside Bancshares (NASDAQ:SBSI) Stock Price

Southside Bancshares (NASDAQ:SBSI) had its price target cut by Stephens from $38.00 to $37.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Stephens’ price target would suggest a potential upside of 16.02% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Raymond James began coverage on shares of Southside Bancshares in a report on Tuesday, January 14th. They set a “market perform” rating for the company. StockNews.com downgraded Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, November 5th.

Southside Bancshares Price Performance

Shares of Southside Bancshares stock traded up $0.46 during midday trading on Thursday, hitting $31.89. 3,735 shares of the company traded hands, compared to its average volume of 109,355. The firm’s fifty day moving average price is $33.02 and its 200-day moving average price is $33.17. The stock has a market cap of $966.59 million, a price-to-earnings ratio of 11.51 and a beta of 0.58. Southside Bancshares has a 12 month low of $25.30 and a 12 month high of $38.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.70 and a current ratio of 0.70.

Insider Activity at Southside Bancshares

In related news, insider Suni M. Davis sold 2,220 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $36.00, for a total value of $79,920.00. Following the transaction, the insider now owns 9,202 shares in the company, valued at $331,272. The trade was a 19.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lee R. Gibson sold 3,300 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $36.74, for a total value of $121,242.00. Following the sale, the chief executive officer now owns 57,272 shares of the company’s stock, valued at approximately $2,104,173.28. The trade was a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Southside Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in SBSI. GAMMA Investing LLC increased its stake in Southside Bancshares by 61.1% in the fourth quarter. GAMMA Investing LLC now owns 1,337 shares of the bank’s stock valued at $42,000 after purchasing an additional 507 shares in the last quarter. Point72 DIFC Ltd bought a new stake in Southside Bancshares in the 3rd quarter valued at about $83,000. Quantbot Technologies LP increased its stake in Southside Bancshares by 190.1% during the 3rd quarter. Quantbot Technologies LP now owns 2,884 shares of the bank’s stock valued at $96,000 after purchasing an additional 1,890 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Southside Bancshares by 172.6% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,176 shares of the bank’s stock valued at $106,000 after buying an additional 2,011 shares in the last quarter. Finally, FMR LLC grew its holdings in shares of Southside Bancshares by 226.9% during the third quarter. FMR LLC now owns 3,432 shares of the bank’s stock valued at $115,000 after buying an additional 2,382 shares during the last quarter. Institutional investors own 55.70% of the company’s stock.

Southside Bancshares Company Profile

Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposits.